PacBio Q1 Prel. Revenue Down, Says Met Expectations; To Cut Jobs

(RTTNews) - Pacific Biosciences of California, Inc. (PACB) Wednesday reported preliminary revenue of $36.9 million for the first quarter, lower than $38.8 million in the previous year.

The company also announced its decision to reduce workforce across all functions. It now expects to reduce its annualized non-GAAP operating expense run-rate by $45 million to $50 million by year end. This compares with the previous guidance of $270 million to $280 million.

"Our preliminary revenue for the first quarter met our expectations despite impacts from ongoing uncertainty in NIH funding in the United States and broader economic headwinds affecting the industry," the company said in a statement.

For the full year, PacBio continues to expect revenue in the range of $155 million to $170 million.